Gray Television (NYSE:GTN) Shares Gap Up Following Insider Buying Activity

Gray Television, Inc. (NYSE:GTNGet Free Report) gapped up prior to trading on Tuesday following insider buying activity. The stock had previously closed at $6.02, but opened at $6.20. Gray Television shares last traded at $6.24, with a volume of 175,948 shares traded.

Specifically, CEO Hilton H. Howell, Jr. acquired 10,000 shares of Gray Television stock in a transaction dated Thursday, March 28th. The stock was acquired at an average cost of $8.09 per share, for a total transaction of $80,900.00. Following the completion of the transaction, the chief executive officer now owns 2,982,386 shares in the company, valued at approximately $24,127,502.74. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders own 11.14% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have recently issued reports on GTN. Wells Fargo & Company boosted their price objective on Gray Television from $6.00 to $7.00 and gave the stock an “underweight” rating in a research report on Friday, February 9th. Barrington Research restated a “market perform” rating on shares of Gray Television in a research report on Tuesday, February 27th. Finally, StockNews.com upgraded Gray Television to a “sell” rating in a research report on Thursday, December 14th. Two analysts have rated the stock with a sell rating, two have issued a hold rating and two have given a buy rating to the company. According to data from MarketBeat, Gray Television currently has a consensus rating of “Hold” and a consensus price target of $12.80.

Get Our Latest Stock Report on GTN

Gray Television Price Performance

The company has a market cap of $585.63 million, a P/E ratio of -4.33, a PEG ratio of 0.17 and a beta of 1.57. The company has a fifty day simple moving average of $7.13 and a 200-day simple moving average of $7.52. The company has a debt-to-equity ratio of 3.12, a current ratio of 1.18 and a quick ratio of 1.18.

Gray Television (NYSE:GTNGet Free Report) last announced its earnings results on Friday, February 23rd. The company reported ($0.24) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.16) by ($0.08). Gray Television had a negative net margin of 2.32% and a negative return on equity of 3.76%. The firm had revenue of $864.00 million for the quarter, compared to analyst estimates of $863.31 million. During the same period last year, the firm earned $1.88 earnings per share. Gray Television’s revenue for the quarter was down 19.4% compared to the same quarter last year. On average, sell-side analysts predict that Gray Television, Inc. will post 3.78 earnings per share for the current year.

Gray Television Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, March 28th. Shareholders of record on Friday, March 15th were paid a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a yield of 5.31%. The ex-dividend date was Thursday, March 14th. Gray Television’s dividend payout ratio (DPR) is currently -23.02%.

Institutional Trading of Gray Television

Several large investors have recently added to or reduced their stakes in the company. Captrust Financial Advisors increased its stake in shares of Gray Television by 219.5% in the second quarter. Captrust Financial Advisors now owns 1,556 shares of the company’s stock worth $26,000 after acquiring an additional 1,069 shares during the last quarter. CWM LLC increased its stake in shares of Gray Television by 61.5% in the fourth quarter. CWM LLC now owns 3,017 shares of the company’s stock worth $27,000 after acquiring an additional 1,149 shares during the last quarter. DekaBank Deutsche Girozentrale acquired a new position in shares of Gray Television in the third quarter worth $41,000. Quarry LP increased its stake in shares of Gray Television by 460.6% in the first quarter. Quarry LP now owns 5,432 shares of the company’s stock worth $47,000 after acquiring an additional 4,463 shares during the last quarter. Finally, Comerica Bank bought a new stake in Gray Television in the third quarter worth $68,000. 78.64% of the stock is owned by institutional investors and hedge funds.

Gray Television Company Profile

(Get Free Report)

Gray Television, Inc, a television broadcasting company, owns and/or operates television stations and digital assets in the United States. It also broadcasts secondary digital channels affiliated to ABC, CBS, NBC, and FOX, as well as various other networks and program services, including CW Plus Network, MY Network, the MeTV Network, Circle, Telemundo, THE365, and Outlaw; and local news/weather channels in various markets.

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